Journal entry in PTP cycle

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A journal entry in the PTP (Procure-to-Pay) cycle is a record of financial transactions related to procurement operations.

Journal entries are used to record the purchase of goods or services, as well as any associated expenses or liabilities.
They provide a detailed account of the financial impact of procurement activities.
Examples of journal entries in the PTP cycle include recording the receipt of goods, recording the invoice received from a supplier, and recording the payment made to the supplier.
Journal entries in the PTP cycle help in maintaining accurate financial records, tracking expenses, and ensuring compliance with accounting standards and regulations.

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